8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 29, 2009

	Registrant, State of Incorporation, Address of	I.R.S. Employer
Commission File	Principal Executive Offices and Telephone	Identification
Number	Number	Number

1-08788	NV ENERGY, INC.	88-0198358
	Nevada
	6226 West Sahara Avenue
	Las Vegas, Nevada  89146
	(702)  402-5000

2-28348	NEVADA POWER COMPANY d/b/a	88-0420104
	NV ENERGY
	Nevada
	6226 West Sahara Avenue
	Las Vegas, Nevada 89146
	(702) 402-5000

0-00508	SIERRA PACIFIC POWER COMPANY d/b/a	88-0044418
	NV ENERGY
	Nevada
	P.O. Box 10100 (6100 Neil Road)
	Reno, Nevada 89520-0400 (89511)
	(775) 834-4011

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

1

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition

Item 9.01 Financial Statements and Exhibits

SIGNATURES

EX-99.1 Reconciliation of Non-GAAP Financial Information - EBITDA

EX-99.2 Reconciliation of Non-GAAP Financial Information - Funds from Operations

2

Item 2.02 Results of Operations and Financial Condition

            NV Energy, Inc. (NVE) made available on its website at www.nvenergy.com, comparative years financial information, including financial information for the quarter ended September 30, 2009.  A reconciliation of the non-GAAP financial information contained within the posting to the most directly comparable financial measures calculated and presented in accordance with GAAP is attached hereto as Exhibits 99.1 and 99.2.  Disclosures regarding definitions of these financial measures used by NVE and why NVE’s management believes these financial measures provide useful information to investors are also included in Exhibits 99.1 and 99.2.

The information in this Current Report (including Exhibits 99.1 and 99.2) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section.  The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits — The following exhibits are furnished with this Form 8-K:

    EX-99.1 — Reconciliation of Non-GAAP Financial Information — EBITDA

    EX-99.2 — Reconciliation of Non-GAAP Financial Information — Funds from Operations

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have each duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

	NV Energy, Inc.  (Registrant)
Date:  October 29, 2009	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Nevada Power Company d/b/a NV Energy  (Registrant)
Date:  October 29, 2009	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Sierra Pacific Power Company d/b/a NV Energy  (Registrant)
Date:  October 29, 2009	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer

4

EX-99.1

EXHIBIT 99.1

          EBITDA represents net income before interest, taxes, depreciation and amortization.  EBITDA is presented here because NV Energy, Inc. (the “Company”) considers it a supplemental measure of its performance and believes debt-holders frequently use EBITDA to analyze operating performance and debt service capacity.  EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP.  Some of these limitations are:

• EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;

• EBITDA does not reflect changes in, or cash requirements for, working capital needs;

• EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts;

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and

• Other companies in this industry may calculate EBITDA differently than we do, which will limit its usefulness as a comparative measure.

Because of these limitations, the Company’s management relies primarily on our GAAP results as a measure of the Company’s performance and uses EBITDA on a supplemental basis.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
NV Energy, Inc.
EBITDA
	Nine Months ended September 30,						Year ended December 31,									LTM September 30,
	2009			2008			2008			2007			2006			2009
Net Income	$	178,785		$	210,975		$	208,887		$	197,295		$	277,451		$	176,697
Interest charges (including AFUDC(1))		250,996			213,500			300,857			279,788			311,088			338,353
Income taxes		80,704			99,146			95,354			87,555			145,605			76,912
Depreciation and amortization		240,912			185,656			260,608			235,532			228,875			315,864
EBITDA	$	751,397		$	709,277		$	865,706		$	800,170		$	963,019		$	907,826
EBITDA/Interest Expense		2.99	x		3.32	x		2.88	x		2.86	x		3.10	x		2.68	x
Debt/EBITDA		7.40	x		6.77	x		6.09	x		5.31	x		4.16	x		6.12	x
NV Energy, Inc.
Interest charges (including AFUDC(1))	$	250,996		$	213,500		$	300,857		$	279,788		$	311,088		$	338,353
Long-Term debt	$	5,549,052		$	4,793,078		$	5,266,982		$	4,137,864		$	4,001,542		$	5,549,052
Current maturities of long term debt		9,286			9,794			9,291			110,285			8,348			9,286
Total Debt	$	5,558,338		$	4,802,872		$	5,276,273		$	4,248,149		$	4,009,890		$	5,558,338

Nevada Power Company
EBITDA
	Nine Months ended September 30,						Year ended December 31,									LTM September 30,
	2009			2008			2008			2007			2006			2009
Net Income	$	140,941		$	165,482		$	151,431		$	165,694		$	224,540		$	126,890
Interest charges (including AFUDC(1))		170,535			130,732			186,822			174,667			176,612			226,625
Income taxes		65,857			80,942			71,382			78,352			117,510			56,297
Depreciation and amortization		160,869			120,855			171,080			152,139			141,585			211,094
EBITDA	$	538,202		$	498,011		$	580,715		$	570,852		$	660,247		$	620,906
EBITDA/Interest Expense		3.16	x		3.81	x		3.11	x		3.27	x		3.74	x		2.74	x
Debt/EBITDA		6.89	x		5.99	x		5.84	x		4.44	x		3.61	x		5.98	x
Nevada Power Company
Interest charges (including AFUDC(1))	$	170,535		$	130,732		$	186,822		$	174,667		$	176,612		$	226,625
Long-Term debt	$	3,701,308		$	2,975,201		$	3,385,106		$	2,528,141		$	2,380,139		$	3,701,308
Current maturities of long term debt		9,286			8,656			8,691			8,642			5,948			9,286
Total Debt	$	3,710,594		$	2,983,857		$	3,393,797		$	2,536,783		$	2,386,087		$	3,710,594

Sierra Pacific Power Company
EBITDA
	Nine Months ended September 30,						Year ended December 31,									LTM September 30,
	2009			2008			2008			2007			2006			2009
Net Income	$	58,206		$	68,052		$	90,582		$	65,667		$	57,709		$	80,736
Interest charges (including AFUDC(1))		51,473			51,458			72,712			60,735			71,506			72,727
Income taxes		25,926			29,423			37,603			26,009			27,829			34,106
Depreciation and amortization		80,043			64,801			89,528			83,393			87,279			104,770
EBITDA	$	215,648		$	213,734		$	290,425		$	235,804		$	244,323		$	292,339
EBITDA/Interest Expense		4.19	x		4.15	x		3.99	x		3.88	x		3.42	x		4.02	x
Debt/EBITDA		6.32	x		6.05	x		4.81	x		5.03	x		4.39	x		4.66	x
Sierra Pacific Power Company
Interest charges (including AFUDC(1))	$	51,473		$	51,458		$	72,712		$	60,735		$	71,506		$	72,727
Long-Term debt	$	1,362,002		$	1,292,867		$	1,395,987		$	1,084,550		$	1,070,858		$	1,362,002
Current maturities of long term debt		-			1,139			600			101,643			2,400			-
Total Debt	$	1,362,002		$	1,294,006		$	1,396,587		$	1,186,193		$	1,073,258		$	1,362,002

(1) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.

EX-99.2

EXHIBIT 99.2

            Funds from Operations (“FFO”) and Adjusted FFO, which is FFO adjusted to account for cash inflows or outflows associated with the deferred energy accounts, are presented here because NV Energy, Inc. (the “Company”) believes that these measures are useful to investors because the rating agencies use these measures when determining a company’s credit ratings.  The cost of the Company’s debt, the ability of the Company’s subsidiaries to pay dividends to the Company, and other capital and operational costs and expenses are impacted by the Company’s credit ratings.  The Company believes that net income is the most directly comparable GAAP measure to FFO.

Since FFO excludes certain items includable in net income, reliance on the measure has limitations; management compensates for these limitations by using the measure simply as a supplemental measure that is weighed in the balance with other GAAP measures.  FFO is not necessarily an indication of the Company’s cash flow available to fund cash needs.  Additionally, it should not be used as an alternative to net income when evaluating the Company’s financial performance or to cash flow from (used by) operating, investing and financing activities when evaluating the Company’s liquidity or ability to make cash distributions or pay debt service.  The FFO presented by the Company may not be comparable to the FFO presented by other utility companies.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
NV Energy, Inc.
Funds From Operations (FFO)
	Nine Months ended September 30,									Year Ended December 31,						LTM September 30,
	2009			2008(1)			2008			2007(1)			2006(1)			2009
Net Income	$	178,785		$	210,975		$	208,887		$	197,295		$	277,451		$	176,697
Adjustments to reconcile net income to net cash from operating activities:																	-
Depreciation and amortization		240,912			185,656			260,608			235,532			228,875			315,864
Deferred taxes and deferred investment tax credit		115,389			172,425			52,060			79,337			136,026			(4,976	)
AFUDC(2) (Debt and Equity)		(34,940	)		(58,353	)		(67,968	)		(57,776	)		(35,345	)		(44,555	)
Reinstatement of deferred energy costs		-			-			-			-			(178,825	)		-
Carrying charge on Lenzie plant		-			-			-			(16,080	)		(33,440	)
Reinstated interest on deferred energy		-			-			-			(11,076	)		-
Gain on sale of investment		-			-			-			(1,369	)		(62,927	)		-
Other, net		11,188			13,087			100,482			71,543			53,561			98,583
Funds from Operations (Before Deferred Energy Costs)		511,334			523,790			554,069			497,406			385,376			541,613
Deferred energy costs, net of amortizations		221,321			(63,374	)		2,717			309,587			127,495			287,412
Payment to terminating supplier		-			-			-			-			(65,368	)		-
Proceeds from claim on terminating supplier		-			-			-			-			41,365			-
Adjusted Funds from Operations	$	732,655		$	460,416		$	556,786		$	806,993		$	488,868		$	829,025
Long-term debt	$	5,549,052		$	4,793,078		$	5,266,982		$	4,137,864		$	4,001,542		$	5,549,052
Current maturities of long-term debt		9,286			9,794			9,291			110,285			8,348			9,286
Total Debt	$	5,558,338		$	4,802,872		$	5,276,273		$	4,248,149		$	4,009,890		$	5,558,338
Interest charges	$	250,996		$	213,500		$	300,857		$	279,788		$	311,088		$	338,353
AFUDC(2) (Debt)		15,847			25,418			29,527			25,967			17,119			19,956
Adjusted Interest Expense	$	266,843		$	238,918		$	330,384		$	305,755		$	328,207		$	358,309
Total Debt/Funds from operations								9.52	x		8.54	x		10.41	x		10.26	x
Total Debt/Adjusted FFO								9.48	x		5.26	x		8.20	x		6.70	x
Funds from Operations Interest Coverage								2.68	x		2.63	x		2.17	x		2.51	x
Adjusted Funds From Operations Interest Coverage								2.69	x		3.64	x		2.49	x		3.31	x
Common Shareholders' Equity							$	3,131,186		$	2,996,575		$	2,622,297		$	3,243,820
Total Capitalization (including current maturities of long-term debt)							$	8,407,459		$	7,244,724		$	6,632,187		$	8,802,158
Total Debt/Total Capitalization								62.76	%		58.64	%		60.46	%		63.15	%

(1)  Certain financial statement line items of prior period's information have been re-grouped or reclassified to conform with current period presentation.  The re-grouping or reclassifications have not affected previously reported results of operations or common shareholders' equity.

(2) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Nevada Power Company
Funds From Operations (FFO)
	Nine Months ended September 30,									Year Ended December 31,						LTM September 30,
	2008			2008(1)			2008			2007(1)			2006(1)			2009
Net Income	$	140,941		$	165,482		$	151,431		$	165,694		$	224,540		$	126,890
																	-
Adjustments to reconcile net income to net cash from operating activities:																	-
Depreciation and amortization		160,869			120,855			171,080			152,139			141,585			211,094
Deferred taxes and deferred investment tax credit		100,126			89,543			45,039			56,868			107,392			55,622
AFUDC(2) (Debt and Equity)		(30,041	)		(37,596	)		(45,980	)		(29,057	)		(23,369	)		(38,425	)
Reinstatement of deferred energy costs		-			-			-			-			(178,825	)		-
Carrying charge on Lenzie plant		-			-			-			(16,080	)		(33,440	)		-
Reinstated interest on deferred energy		-			-			-			(11,076	)		-			-
Other, net		(14,497	)		2,659			73,209			38,821			25,783			56,053
Funds from Operations (Before Deferred Energy Costs)		357,398			340,943			394,779			357,309			263,666			411,234
Deferred energy costs, net of amortizations		144,656			(49,647	)		4,211			218,992			74,413			198,514
Payment to terminating supplier		-			-			-			-			(37,410	)		-
Proceeds from claim on terminating supplier		-			-			-			-			26,391			-
Adjusted Funds from Operations	$	502,054		$	291,296		$	398,990		$	576,301		$	327,060		$	609,748
Long-term debt	$	3,701,308		$	2,975,201		$	3,385,106		$	2,528,141		$	2,380,139		$	3,701,308
Current maturities of long-term debt		9,286			8,656			8,691			8,642			5,948			9,286
Total Debt	$	3,710,594		$	2,983,857		$	3,393,797		$	2,536,783		$	2,386,087		$	3,710,594
Interest charges	$	170,535		$	130,732		$	186,822		$	174,667		$	176,612		$	226,625
AFUDC(2) (Debt)		13,483			16,503			20,036			13,196			11,614			17,016
Adjusted Interest Expense	$	184,018		$	147,235		$	206,858		$	187,863		$	188,226		$	243,641
Total Debt/Funds from Operations								8.60	x		7.10	x		9.05	x		9.02	x
Total Debt/Adjusted FFO								8.51	x		4.40	x		7.30	x		6.09	x
Funds from Operations Interest Coverage								2.91	x		2.90	x		2.40	x		2.69	x
Adjusted Funds From Operations Interest Coverage								2.93	x		4.07	x		2.74	x		3.50	x
Common Shareholder's Equity							$	2,627,567		$	2,376,740		$	2,172,198		$	2,691,551
Total Capitalization (including current maturities of long-term debt)							$	6,021,364		$	4,913,523		$	4,558,285		$	6,402,145
Total Debt/Total Capitalization								56.36	%		51.63	%		52.35	%		57.96	%

(1)  Certain financial statement line items of prior period's information have been re-grouped or reclassified to conform with current period presentation.  The re-grouping or reclassifications have not affected previously reported results of operations or common shareholders' equity.

(2) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Sierra Pacific Power Company
Funds From Operations (FFO)
	Nine Months ended September 30,									Year Ended December 31,						LTM September 30,
	2009			2008(1)			2008			2007(1)			2006(1)			2009
Net Income	$	58,206		$	68,052		$	90,582		$	65,667		$	57,709		$	80,736
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		80,043			64,801			89,528			83,393			87,279			104,770
Deferred taxes and deferred investment tax credit		38,782			28,472			24,598			(36,713	)		(39,361	)		34,908
AFUDC(2) (Debt and Equity)		(4,899	)		(20,757	)		(21,988	)		(28,719	)		(11,976	)		(6,130	)
Other, net		24,917			14,476			22,872			29,451			23,457			33,313
Funds from Operations (Before Deferred Energy Costs)		197,049			155,044			205,592			113,079			117,108			247,597
Deferred energy costs, net of amortizations		76,665			(13,727	)		(1,494	)		90,595			53,082			88,898
Payment to terminating supplier		-			-			-			-			(27,958	)		-
Proceeds from claim on terminating supplier		-			-			-			-			14,974			-
Adjusted Funds from Operations	$	273,714		$	141,317		$	204,098		$	203,674		$	157,206		$	336,495
Long-term debt	$	1,362,002		$	1,292,867		$	1,395,987		$	1,084,550		$	1,070,858		$	1,362,002
Current maturities of long-term debt		-			1,139			600			101,643			2,400			-
Total Debt	$	1,362,002		$	1,294,006		$	1,396,587		$	1,186,193		$	1,073,258		$	1,362,002
Interest charges	$	51,473		$	51,458		$	72,712		$	60,735		$	71,506		$	72,727
AFUDC(2) (Debt)		2,364			8,915			9,464			12,771			5,505			2,913
Adjusted Interest Expense	$	53,837		$	60,373		$	82,176		$	73,506		$	77,011		$	75,640
Total Debt/Funds from Operations								6.79	x		10.49	x		9.16	x		5.50	x
Total Debt/Adjusted FFO								6.84	x		5.82	x		6.83	x		4.05	x
Funds from Operations Interest Coverage								3.50	x		2.54	x		2.52	x		4.27	x
Adjusted Funds From Operations Interest Coverage								3.48	x		3.77	x		3.04	x		5.45	x
Common Shareholder's Equity							$	877,961		$	1,001,840		$	884,737		$	994,495
Total Capitalization (including current maturities of long-term debt)							$	2,274,548		$	2,188,033		$	1,957,995		$	2,356,497
Total Debt/Total Capitalization								61.40	%		54.21	%		54.81	%		57.80	%

(1)  Certain financial statement line items of prior period's information have been re-grouped or reclassified to conform with current period presentation.  The re-grouping or reclassifications have not affected previously reported results of operations or common shareholders' equity.

(2) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.